Retail Payment Activities Act

Marginal note:Refusal to register

• 48 (1) The Bank may, within the prescribed period, refuse to register an applicant for a prescribed reason or for any of the following reasons:

  • (a) the applicant has failed to provide additional information in accordance with subsection 29(3);

  • (b) the applicant has provided false or misleading information;

  • (c) the applicant has been found guilty of an offence under section 74, 75 or 76, subsection 77(1) or section 77.01 or 77.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act;

  • (d) during the five-year period before the day on which the application was submitted, the Director of the Centre, under subsection 73.15(4) of that Act, caused a notice of a decision or of an imposed penalty to be issued and served on the applicant in respect of a serious violation, a very serious violation or a compliance order violation under that Act;

  • (e) the applicant is not registered in accordance with section 11.1 of that Act;

  • (f) the applicant has ceased to perform or no longer plans to perform retail payment activities; and

  • (g) the applicant has committed or has been deemed to have committed a violation under this Act.

• Marginal note:Unpaid penalties

  (2) If an applicant that does not have a place of business in Canada has committed a violation under this Act and is liable to pay a penalty for it, and if 30 days have elapsed after the day on which all proceedings in respect of the violation are ended and the penalty has not been paid, the Bank must refuse to register the applicant until the penalty is paid.

• Marginal note:Notice to applicant

  (3) If the Bank refuses to register an applicant under subsection (1), the Bank must, as soon as feasible, notify the applicant of the refusal in writing. The notice must include the reason for the refusal.